Delivering advisory services?
Business Advisory Services Update
It looks like 2024 is going to be another challenging year for SMEs. Is your accounting/bookkeeping firm able to supply the support services that your clients need?
Some of the key issues…
Inflation and interest rates are high.
There have been significant natural disasters around Australia – there are grants available from governments, do some of your clients need assistance?
The Government has announced the new ‘Industry Growth Program’. Some of your clients might be interested – most SMEs will need assistance in the application process.
To help clients on any of these issues and more will require you to ‘Deliver Advisory Services’.
Where to start?
Have a discussion with some of your key clients. Use a checklist such as the SME Needs Analysis.
Discussing each of these items briefly will give your client the opportunity to tell you what is worrying them.
Is the profit high enough?
Are they having cash flow difficulties? What might be causing this? Levels of stock holdings, amounts owing by debtors, high drawings?
Are they satisfied with the preplanning for their business – budgets, cash flow forecast, projected balance sheet? Do they need more information about these processes so that they have a better understanding of their business activities?
Are they happy with the information that is been supplied to them daily, weekly, monthly on their business operations? Would they like to know more about establishing charge out rates in their trade or professional business, which will generate their targeted profit?
How does their financial performance compare to similar businesses? Would they like a benchmarking analysis prepared?
The delivery of Advisory Services by Accountants/Bookkeepers is similar to the services rendered by an employed accountant in a larger business. These are the services that accountancy firms can supply and you don’t have to start from scratch. ESS BIZTOOLS has developed product packages to assist you to deliver ‘Real Advisory Services’.
To find out more, contact us on 1800 232 088 or email and we can arrange a complimentary initial consultation with you via Zoom meeting.
